LONDON – The largest stablecoin, Tether, increased its holdings of U.S. Treasury bills to $39.7 billion and reduced its commercial paper to around $50 million as of Sept. 30, 2022, according to a reserves attestation published on Thursday.
Tether said its reserves are “extremely liquid” with 82% of investments in cash, cash equivalents and other short-term deposits. Treasury bills make up over 58% of the total $68 billion in reserves, Tether said.